Appraisal volume marginally declined the first week of November, falling 0.5%, according to the latest data from a la mode, inc., an appraisal forms software company that tracks appraisal volume throughout the country.
“This continues the pattern of a slight downward trend in volume that has persisted since June. Uncertainty regarding the economy and Fed action have been the main contributors,” said Kevin Golden, director of analytics.
Appraisal volume is an indicator of market strength and has some advantages over mortgage applications. Fallout is less for appraisals since they are ordered later in the mortgage process after credit worthiness has been approved and there are few multiple-orders.
a la mode captures 50% of the appraiser market – more than 6 million appraisals per year since the fourth quarter of 2006.
This chart shows the latest numbers.